"The state government has a huge financial stake in PSUs. We, however, found that the PSUs/government did not ensure proper accountability of this investment," a CAG report, which was tabled in the Maharashtra Legislature on Saturday, said.

The lapses were mainly in two areas, it said.

The first lapse relates to the "inability to provide an accurate figure for investment as reconciliation with the figures of Finance Accounts prepared by the Office of Principal Accountant General (Accounts and Entitlements) is pending."

The second lapse, the CAG said was over the “non- preparation of annual accounts and audit of the same”.

These lapses led to accounts remaining outside the purview of legislative financial control, the CAG said.

The Maharashtra Airport Development Company Ltd extended various undue benefits to the developer resulting in non- recovery of Rs 149.35 crore in three contracts, the CAG said.

The Maharashtra State Electricity Distribution Company Ltd wrongly computed depreciation while assessing its IT liability, resulting in avoidable payment of interest of Rs 33.58 crore on Income Tax, the report added.

The company permitted change of category from continuous to non-continuous supply although applications for change were not submitted within the time prescribed by MERC, thereby benefiting HT consumers by Rs 10.57 crore, the CAG said.

Non-metering for external consumption by malls/multiplexes resulted in loss of potential revenue of Rs 3.29 crore to the company between June, 2008, and February, 2013, the CAG added.

The Maharashtra State Power Generation Company Ltd incurred infructuous expenditure of Rs 4.01 crore on procurement of fly ash pumps, the report further noted.

"The company did not correctly assess the requirement of water and paid water charges of Rs 2.06 crore for undrawn (supply)," it said.

The Maharashtra State Road Development Corporation Ltd granted extension to existing party at lower rates resulting in loss of revenue of Rs 46.14 lakh between March, 2009, and July, 2010, the CAG report added.